The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BENTONVILLE, United States — Walmart Inc said on Tuesday it would spend another $428 million on bonuses this year, to compensate its US employees for catering to a surge in demand for essential goods during the Covid-19 pandemic.
The United States' largest employer said the new spending brings the total expenditure on employee bonuses to $1.1 billion this year.
Walmart, like other essential retailers, has seen a spike in demand for groceries and has had to add hundreds of thousands of new hourly workers to keep up. However, those costs as well as the expenditure to keep stores operating safely have pressured its profit margins.
The company said full-time hourly employees will get a $300 bonus, while part-time and temporary employees will get $150, adding that drivers, managers and assistant managers will also receive a bonus.
ADVERTISEMENT
The world's largest retailer also said it would close its own and Sam's Club outlets on Thanksgiving day this year.
By Uday Sampath; editor: Amy Caren Daniel.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.